I believe the singing and musical performance in this production are wonderful, a pleasure from start to finish. Fleming, Hawlata (as the water goblin) and the wood nymphs are particularly beautiful. I hadn't realized how good Fleming is until seeing this performance. Don't hesitate to buy this recording.
On the other hand... This is a matter of taste I realize, but I really prefer traditional, realistic staging for a work like this. The production is interesting. It seems to be making a point about the surface between the water and earthly worlds. The sets are full of mirrors, reflections, even doppelgangers. They're physically beautiful, and the production is less ridiculous than many conceptualist distortions of 19th-century operas, but still, I would have preferred a traditional design. This is irritating to me, but I can "tune it out" and enjoy the music thoroughly. It does appear to me that, as tastes develop, we are seeing fewer of these essentially egocentric production designs. The cult of the conductor is also in decline I hope. Levine replaces Karajan.